Coca-Cola Consolidated, Inc. $COKE Shares Bought by Illinois Municipal Retirement Fund

Key Points

• Illinois Municipal Retirement Fund boosted its stake in Coca-Cola Consolidated by 25.2% in the first quarter, buying 8,674 additional shares and bringing its total to 43,161 shares worth about $8.28 million.
• Other institutional investors also increased positions in COKE, and institutions and hedge funds now own 48.24% of the company’s stock.
• Analyst sentiment remains positive, with Weiss Ratings reiterating a “buy” rating; the stock recently traded at $180.74, and the company also announced a quarterly dividend of $0.25 per share.

Illinois Municipal Retirement Fund increased its stake in Coca-Cola Consolidated, Inc. (NASDAQ:COKE - Free Report) by 25.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 43,161 shares of the company's stock after purchasing an additional 8,674 shares during the quarter. Illinois Municipal Retirement Fund owned about 0.06% of Coca-Cola Consolidated worth $8,276,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of COKE. Beacon Pointe Advisors LLC raised its position in shares of Coca-Cola Consolidated by 2.6% during the 4th quarter. Beacon Pointe Advisors LLC now owns 2,842 shares of the company's stock worth $436,000 after buying an additional 72 shares in the last quarter. UMB Bank n.a. lifted its stake in shares of Coca-Cola Consolidated by 8.9% in the 4th quarter. UMB Bank n.a. now owns 951 shares of the company's stock worth $146,000 after acquiring an additional 78 shares during the period. Legacy Wealth Asset Management LLC boosted its holdings in shares of Coca-Cola Consolidated by 2.3% in the fourth quarter. Legacy Wealth Asset Management LLC now owns 4,021 shares of the company's stock valued at $616,000 after acquiring an additional 89 shares in the last quarter. Private Advisor Group LLC boosted its holdings in shares of Coca-Cola Consolidated by 2.2% in the third quarter. Private Advisor Group LLC now owns 4,297 shares of the company's stock valued at $503,000 after acquiring an additional 94 shares in the last quarter. Finally, Foundations Investment Advisors LLC increased its stake in shares of Coca-Cola Consolidated by 4.2% during the fourth quarter. Foundations Investment Advisors LLC now owns 2,406 shares of the company's stock valued at $369,000 after acquiring an additional 97 shares during the period. Institutional investors and hedge funds own 48.24% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a "buy (b)" rating on shares of Coca-Cola Consolidated in a report on Wednesday, June 24th. One analyst has rated the stock with a Buy rating, According to MarketBeat.com, the stock presently has an average rating of "Buy".

Coca-Cola Consolidated Stock Down 0.9%

Shares of COKE stock opened at $180.74 on Friday. The stock has a 50-day simple moving average of $179.61 and a 200 day simple moving average of $179.53. The stock has a market capitalization of $12.03 billion, a P/E ratio of 24.73 and a beta of 0.54. Coca-Cola Consolidated, Inc. has a fifty-two week low of $110.40 and a fifty-two week high of $219.65.

Coca-Cola Consolidated (NASDAQ:COKE - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $1.79 EPS for the quarter. Coca-Cola Consolidated had a net margin of 7.72% and a return on equity of 138.44%. The firm had revenue of $1.71 billion for the quarter.

Coca-Cola Consolidated Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 7th. Stockholders of record on Friday, July 24th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Friday, July 24th. This represents a $1.00 annualized dividend and a dividend yield of 0.6%. Coca-Cola Consolidated's payout ratio is currently 13.68%.

About Coca-Cola Consolidated

Founded in 1902 and headquartered in Charlotte, North Carolina, Coca-Cola Consolidated, Inc is the largest independent bottler of Coca-Cola products in the United States. The company manufactures, sells and distributes a broad portfolio of sparkling and still beverages under exclusive agreements with The Coca-Cola Company. Its brand lineup includes Coca-Cola, Diet Coke, Sprite and Fanta, as well as noncarbonated offerings such as Minute Maid juices, Gold Peak teas, Dasani water, Powerade sports drinks and vitaminwater.

Coca-Cola Consolidated's operations span 14 states and the District of Columbia across the Southeastern, South Central and Mid-Atlantic regions.

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